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RENTAL COSTS CONTINUE TO CLIMB

Wednesday, December 13, 2006 - 7:45AM

The cost of affordable rental housing climbed again in 2006, according to the National Low Income Housing Coalition's (NLIHC) annual Out of Reach report released yesterday. NLIHC reports that minimum wage earners are unable to afford the fair market rent (FMR) of a one-bedroom home anywhere in the country, and 88 percent of renters in cities live in areas where the FMR for a two-bedroom rental is not affordable even with two minimum wage jobs. Out of Reach 2006 provides data for each state, metropolitan area and county in the country. A discussion of its findings will be available in the January issue of The Valuation Report.

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